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TMI Blog2015 (8) TMI 1426X X X X Extracts X X X X X X X X Extracts X X X X ..... C of the IT Act. Accordingly, we dismiss the appeal of the revenue for A.Y.2008-09. - Decided in favour of assessee. - ITA No.261&262/Mum/2014 - - - Dated:- 14-8-2015 - Shri R.C. Sharma And Shri Sanjay Garg , JJ. Revenue by : Ms. Manjunatha Swamy Assessee by : Ms. Pallavi Gudka ORDER R.C.SHARMA (A.M): These are the appeals filed by the revenue against the order of CIT(A), Mumbai for the assessment years 2008-09 2009-10 in the matter of order passed u/s.143(3) r.w.s.153A of the I.T.Act. 2. Common grounds have been taken for both the years under consideration, therefore, both the appeals are heard together and are now decided by this consolidated order. 3. In the assessment year 2008-09, the revenue is aggr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the both the cases are similar in nature. Sl.No. Land companies Sanjeevani Real Estate Pvt. Ltd. FACTS OF THE CASE 1. Order passed u/s153C of the Act Order passed u/s153A of the Act 2. The additions were made u/s69C of the Act The addition was made u/s69C of the Act. 3. The Additions were made mainly on the basis of two pages seized from the premises of Shri Dilip Dherai i.e. Pg.22 23 of Annexure A-1. The addition is made on the basis of just two seized papers i.e. page no.225 and page no.227 of Annexure -I i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Hon'ble ITAT has observed that in No evidence of any nature is brought on order to make addition u/s69C of the records which prove that the appellant has Act, it is essential to establish that an incurred the expenditure, the source of expenditure is incurred by the assessee 'which or any part thereof stands in any financial year, the source of unexplained (page 44 para 23) No evidence of any nature is brought on records which prove that that the appellant has incurred the expenditure, the source of which or any part thereof stands unexplained. 2. It was observed that an allegation that The allegation of the Ld.AO is not an expenditure has been incurred supported ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during the course of the survey not supported by any independent Evidences. 6. It was observed that with a small corpus as could be seen from the balance sheet and no business activity, nor any has been brought on record by the Revenue, it is not acceptable that the company may have incurred such huge expenditure outside its books of account (page 46 para 25) On perusal of the financials of the appellant, it could be observed that the appellant has a nominal share capital of ₹ 1,39,500/- and securities premium reserves of ₹ 39,10,500/-. There is nominal income of ₹ 24,553/- on account of profit on Futures and Options. However, there is no income from th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT AT in the case of Land Companies on merits as the facts are almost identical. However, addition has been made in the case of Land Companies u/s.153C but here in the case of the appellant, it is under section 153A which is a legal issue. The appellant's AR further stated that the Hon'ble Mumbai, IT AT has passed order in favour of Land Companies both on legal as well as on merit. The case of Land companies and that of the appellant here are both related to the Jai Carp Group. In the case of the appellant, 2 pages ( 225 and 227) were impounded during survey proceedings and that of Land Companies 2 pages ( page 22 and 23) during search proceedings. The present appeal is against order u/ s153A so the ratio of decision on legal is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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